(Statewide) – One area where the Trump tariffs may be working already is gas prices. You may have noticed it getting cheaper by the day to buy gas and Gasbuddy’s head of Petroleum Analysis, Patrick DeHaan, says he believes Indiana’s prices will be much cheaper in just the next week.
“Gas prices have started to trickle down, certainly helped by the big drop in the price of oil over the last week,” he said. “Pres. Trump ratchets up tariffs-oil has gone down in response by over $10 (per barrel).”
DeHaan said that’s because the tariffs and threats have slowed the economy.
“The tariffs are putting a significant risk on the overall U.S. economy and even really the global economy,” he said. “As tariffs continue as intended it’s likely to lead to a major economic slowdown, which leads to a slowdown in oil consumption.”
DeHaan said OPEC has also agreed to increase production for the first time since 2023, which has the effect of making the supply greater, which makes oil and gas cheaper.
DeHaan said he doesn’t believe the prices have anything to do with the “drill, baby, drill” policy.
“In fact, as a result of the big drop in oil prices, oil companies are less likely to ‘drill, baby, drill’,” he said.
DeHaan believes you will see gas go to $3 per gallon or below within the next week.
(Story by Network Indiana)
